Quotes About Economics

My mother and my father taught me to look at the actual problem, not the face of it, not the veneer of it. So for me, I was never - I was impressed that it - racially, I was impressed, right, but now in America it's about economics, and it's been about economics, and honestly, everything's been about economics since I don't want to say the beginning of time, but it's been about economics for a long while.

How should the best parts of psychology and economics interrelate in an enlightened economist's mind?... I think that these behavioral economics...or economists are probably the ones that are bending them in the correct direction. I don't think it's going to be that hard to bend economics a little to accommodate what's right in psychology.

I am practical by nature, and I'd heard that being a writer or an artist is a good way to starve! So I was an economics major at Oklahoma State, and then received an M.S. from Cornell in Agricultural Resource and Managerial Economics. I knew if I wanted to write I would do it on my own, but I knew I wouldn't make myself study economics on my own.

Interestingly, human irrationality is a hot topic in economics at the moment. Behavioural economics it's called, on the cusp of economics and psychology.

People are not embracing collectivism because they have accepted bad economics. They are accepting bad economics because they have embraced collectivism.

Economists get very uncomfortable when you talk about virtue and vice. It doesn't lend itself to a lot of columns with numbers. But I would argue that there are big virtue effects in economics. I would say that the spreading of double-entry bookkeeping by the Monk, Fra Luce de Pacioli, was a big virtue effect in economics. It made business more controllable, and it made it more honest.

The Tea Party we were told is only about economics; not true. It was always about economics and social issues. They just hid the social issues and now we just see who they really are.

My job was to teach the whole corpus of economic theory, but there were two subjects in which I was especially interested, namely, the economics of mass unemployment and international economics.

Mainstream economics scholarship produces theory without facts ("pure theory") and facts without theory ("applied economics").

Investing in women is smart economics, and investing in girls, catching them upstream, is even smarter economics.

I was 25 years old and pursuing my doctorate in economics when I was allowed to spend six months of postgraduate studies in Naples, Italy. I read the Western economic textbooks and also the more general work of people like Hayek. By the time I returned to Czechoslovakia, I had an understanding of the principles of the market. In 1968, I was glad at the political liberalism of the Dubcek Prague Spring, but I was very critical of the Third Way they pursued in economics.

Positive economics is in principle independent of any particular ethical position or normative judgment...In short, positive economics is or can be an "objective" science.

I also believe - and hope - that politics and economics will cease to be as important in the future as they have been in the past; the time will come when most of our present controversies on these matters will seem as trivial, or as meaningless, as the theological debates in which the keenest minds of the Middle Ages dissipated their energies. Politics and economics are concerned with power and wealth, neither of which should be the primary, still less the exclusive, concern of full-grown men.

Economists operate with this image of the homo economicus, the rational economic agent, and while such agents are rare in the wider world, they are common in economics departments. Exemplifying the homo economicus paradigm, economists typically choose their research projects and hypotheses so as to promote their own careers, to maximize their lifetime income. This explains the astonishing pressures toward conformity in academic economics: how deviant views (except those by a few who have already achieved stardom) get crushed by an army of conformists.

Racism does not limit itself to biology or economics or psychology or metaphysics; it attacks along many fronts and in many forms, deploying whatever is at hand, and even what is not, inventing when the need arises.

Rock 'n' roll accepted me and paid me, even though I loved the big bands I went that way because I wanted a home of my own. I had a family. I had to raise them. Let's don't leave out the economics. No way.

The laws of economics tell us that the expansion of the central state can't go on forever. Its limit is reached when the looted turn on the looters.

I'm very primitive in terms of economics. The kind of new business in which stock gets more valuable because the company grows, but there must be limits to growth. But if publishing is expanding to fill that retail space, it seems like there may be a necessary and unpleasant correction waiting down the road. How many books to people WANT?

The first proponent of cortical memory networks on a major scale was neither a neuroscientist nor a computer scientist but .. a Viennes economist: Friedrich von Hayek (1899-1992). A man of exceptionally broad knowledge and profound insight into the operation of complex systems, Hayek applied such insight with remarkable success to economics (Nobel Prize, 1974), sociology, political science, jurisprudence, evolutionary theory, psychology, and brain science (Hayek, 1952).

Economics are the method; the object is to change the soul.

[On being first black woman to earn a PhD in economics and first black woman admitted to Pennsylvania bar:] I never looked for anybody to hold the door open for me. I knew well that the only way I could get that door open was to knock it down: because I knocked all of them down.

A lot of my colleagues have been people with broad interests in economics, not just narrowly focused interests.

No one knows anything about economics. It's the great lie of the economists. By contrast in football people might have contrasting opinions, each of which has some validity. But the economists always speak in conditionals - what a mess.

If you look at the economics of Nokia roughly half of the company, half of the business, half of how we think about the business is focused on those emerging markets and on those lower-priced devices. But, of course, people who are aspirational and buying those lower-priced devices today are looking at smart phones tomorrow, and so forth.

What I did not know yet about hunger, but would find out over the next twenty-one years, was that brilliant theorists of economics do not find it worthwhile to spend time discussing issues of poverty and hunger. They believe that these will be resolved when general economic prosperity increases. These economists spend all their talents detailing the process of development and prosperity, but rarely reflect on the origin and development of poverty and hunger. A a result, poverty continues.

In 1997, we faced daunting challenges. Boom and bust economics..... Now, for all that remains to be done, dwell for a moment on what has been achieved.

A quota for women always amounts to a failure of politics. For me, economics is first and foremost the ability to act freely without state rules. That's why I believe quotas should only be used as a last resort.

My folks are economists and have taught economics and social science so I grew up with those kind of conversations around the dinner table.

An idea is only an idea if it causes unease, debate and reflection. By that standard, Thomas Homer-Dixon's concept of an 'ingenuity gap' is truly a new idea. I can think of no other new concept that so fully condenses all of the challenges we face as a human civilization than the 'ingenuity gap'. Homer-Dixon has found a way to unite all of our concerns about economics, war, population growth, complexity, etc. under a single heading. He is one of an elite group of academics who can write for a mass audience.

Star Wars film is breaking all previous box office records. (Why might we want to revisit those characters, that narrative, those jokes and tropes again, in this way, right now? I wonder what it will turn out to reveal about the economics and politics of this moment.)

Marx, however imperfectly he worked out the details, set himself the task of discovering the law of motion of capitalism, and if there is any hope of progress in economics at all, it must be in using academic methods to solve the problems posed by Marx.

As the Wall Street Journal called our economic plan, supply-side economics for the working man, is resonating in Minnesota and here in Missouri and across this country.

I served seven years as the chair of the Princeton economics department where I had responsibility for major policy decisions, such as whether to serve bagels or doughnuts at the department coffee hour.

Economics is like the Dutch language - I'm told it makes sense, but I have my doubts.

I'd like the reader to decide if he is willing to pay minute sums for content. I'd like the economics of web to be controlled between authors and readers, not advertiser.

Most conservatives know better than to promote the state funding of art. The result of such funding is the mess that modern art has become. Atonal music is to music what subsidized art is to art. ...The fact that cacophony has reigned almost supreme since 1900 is a testimony to Mises' original observation. Atonal music is to music what socialism is to economics: planned chaos.

Whatever their limitations, Freud and Marx developed complex and subtle theories of human nature grounded in their observation of individual and social behavior. The crackpot rationalism of free-market economics merely relies on an abstract model of how people "must" behave.

We often confuse or loosely use the ideas of crony capitalism or neoliberalism to actually avoid using the word "capitalism", but once you've actually seen, let's say, what's happening in India and the United States - that this model of US economics packaged in a carton that says "democracy" is being forced on countries all over the world, militarily if necessary, has in the United States itself resulted in 400 of the richest people owning wealth equivalent [to that] of half of the population.

[Wise men] have tried to understand our state of being, by grasping at its stars, or its arts, or its economics. But, if there is an underlying oneness of all things, it does not matter where we begin, whether with stars, or laws of supply and demand, or frogs, or Napoleon Bonaparte. One measures a circle, beginning anywhere.

The entire point of life is to find ways to get others to do your work for you. Don’t you know anything about basic economics?

Economics is not about things and tangible material objects; it is about men, their meanings and actions.

I wasn't actually very naturally good at economics. My brain doesn't work very well, in terms of mathematics.

As I noted in my Nobel lecture, an early insight in my work on the economics of information concerned the problem of appropriability - the difficulty that those who pay for information have in getting returns.

...even professors of economics, to say nothing of the public, do not generally have scientific minds.

People think that this concept of GDP is scientific economics, partly because it has a precise number and can be quantified. But the underlying concept of "the market" makes it appear as if today's poverty is natural. It makes it appear that Goldman Sachs and Donald Trump are job creators instead of job destroyers. That is illogical, when you think about it.

The lnternet is turning economics inside-out. For example, everybody on the internet now wants stuff for free and there are so many free services available.

In economics it is a far, far wiser thing to be right than to be consistent

The State exists simply to promote and to protect the ordinary happiness of human beings in this life. A husband and wife chatting over a fire, a couple of friends having a game of darts in a pub, a man reading a book in his own room or digging in his own garden-that is what the State is there for. And unless they are helping to increase and prolong and protect such moments, all the laws, parliaments, armies, courts, police, economics, etc., are simply a waste of time.